Learn How To Fish
- Thread starter VJAY
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Nice post by Xray...
There are Many schools in TA,
1. Classical TA -Candle patterns, Chart patterns ,known indicators like ,RSI,MACD,Stochastic ...
2. Price Action (YTC School),Structural Pivot (MP's and VP's) aka Bill Williams school
3. TDST - Demark analysis has proved to be extremely valuable in terms of finding the terminal point of trends
4.Elliot Wave Theory:
5:Market Profile and Volume Profile.. they may be much more
Main Reason why trader fails in market is his inability to adopt to a school of learning,even he adopts to a school repeated failure in trades ,drags him to learn others schools,which eventually leads him to make a super system with all good qualities of respective schools...which is not possible ,many years will be wasted in this process
Significant failure stories are also through Training/Mentorships from Twitter Gurus, aiming to become successful trader just by attending single day seminar, off course there may be 1 or 2 good Mentors /Trainers, but at large there are snake oil vendors
Understanding that one cannot adopt to every school of trading itself is like knowing everything.Until he defines entries and exit rule without ambiguity he will not move anywhere !!,
There are Many schools in TA,
1. Classical TA -Candle patterns, Chart patterns ,known indicators like ,RSI,MACD,Stochastic ...
2. Price Action (YTC School),Structural Pivot (MP's and VP's) aka Bill Williams school
3. TDST - Demark analysis has proved to be extremely valuable in terms of finding the terminal point of trends
4.Elliot Wave Theory:
5:Market Profile and Volume Profile.. they may be much more
Main Reason why trader fails in market is his inability to adopt to a school of learning,even he adopts to a school repeated failure in trades ,drags him to learn others schools,which eventually leads him to make a super system with all good qualities of respective schools...which is not possible ,many years will be wasted in this process
Significant failure stories are also through Training/Mentorships from Twitter Gurus, aiming to become successful trader just by attending single day seminar, off course there may be 1 or 2 good Mentors /Trainers, but at large there are snake oil vendors
Understanding that one cannot adopt to every school of trading itself is like knowing everything.Until he defines entries and exit rule without ambiguity he will not move anywhere !!,
Post by ST da....
Most people do not progress ahead of marking the pivots into minor,visual and major pivots.Correctly identifying pivots is the base of the system but that is not the full system.We have to identify minor and visual trends,entry points,stops,profit taking levels.We have to then go into more details of pivot upgrades,trends within trends,gaps in our favour and against us, ERLs ,position sizing and trade Management.Then comes serious backtesting over different types of markets.
By the time person is learning all the above, it will take about a year to learn...in the meanwhile he is distracted to other methods like moving average,indicators ,RDMA options,EWT,expiry day trading and he feels that these are better .He also keeps hearing fairy tales that so and so trader made a fortune without any efforts....he starts believing that some secret system is needed to be profitable trader and the search for a holy grail system continues....he contacts trading gurus,workshops,U tube videos promising instant success trading system...and so on and on....
Smart_trade
Most people do not progress ahead of marking the pivots into minor,visual and major pivots.Correctly identifying pivots is the base of the system but that is not the full system.We have to identify minor and visual trends,entry points,stops,profit taking levels.We have to then go into more details of pivot upgrades,trends within trends,gaps in our favour and against us, ERLs ,position sizing and trade Management.Then comes serious backtesting over different types of markets.
By the time person is learning all the above, it will take about a year to learn...in the meanwhile he is distracted to other methods like moving average,indicators ,RDMA options,EWT,expiry day trading and he feels that these are better .He also keeps hearing fairy tales that so and so trader made a fortune without any efforts....he starts believing that some secret system is needed to be profitable trader and the search for a holy grail system continues....he contacts trading gurus,workshops,U tube videos promising instant success trading system...and so on and on....
Smart_trade
Dear doss,
Its great to hear you found secrets of PA....Its helpfull to all if share your secrets here or creating new thread yourself ...everyone intrested in knowing secrets so instead asking to send PM please do it here OR in your new thread.....Thanks and we all eagerly waiting for your those secrets.....
Its great to hear you found secrets of PA....Its helpfull to all if share your secrets here or creating new thread yourself ...everyone intrested in knowing secrets so instead asking to send PM please do it here OR in your new thread.....Thanks and we all eagerly waiting for your those secrets.....
Before discussing about the trading system let's see where the operators look for stoploss. When we are in uptrend they look for stoploss at previous Hour low. They mark the price lower than previous hour low and fooling us to enter into short but suddenly they will move the price up. When we are in downtrend they look for stoploss at previous Hour high. They mark the price higher than previous hour high and fooling us to enter into long but suddenly they will move the price dn. Our aim is not to get trapped in this game. I myself got trapped in many times and that lead me to make deep enquiry of price movements.
Their intention isn't necessarily to "move the price down", their intention is to minimize slippages on their shorts in a downtrend. If they tried to enter their shorts while everyone else trying go short as well, then they'd experience larger slippages on their large position-size since there are fewer buyers, so the whole point is to trade in the direction of the larger trend but with minimal slippage by entering in an area where there would be enough buyers around to get a good selling-price.
Now with these four parameters ie. Hourly high, Hourly low, Previous Hourly high and previous Hourly low is there a way to determine buy and sell pressure? Now hourly low can never be higher than hourly high and vice versa hourly high can never be lower than hourly low. But hourly low can go higher than previous hour high giving us the info of buy pressure and hourly high can go lower than previous hour low which gives indication of sell pressure. Now the next part is how to make an indicator of this information? Lets see!!!
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